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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Skysong Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at
December 31.
Item
Cameras:
Minolta
Canon
Light meters:
Vivitar
Kodak
Units Unit Cost
6
11
13
18
$173
146
The ending inventory $
136
125
Net Realizable Value
$163
170
104
128
What amount should be reported for inventory on Skysong Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable
value rule is applied?
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